The FINANCIAL -- General Motors Co. plans to invest $1 billion in India to grow its market share in Asia's third-largest automobile market, top executives said Wednesday.
The company will also shut its factory in Halol in the western state of Gujarat in the second half of next year, Arvind Saxena, president of GM's Indian unit, told reporters at a news briefing, according to Nasdaq.
"We want to consolidate our operations in one location and drive our business," Stefan Jacoby, head of the company's international operations said at the news conference also attended by Mary Barra, GM's chief executive.
GM will invest the $1 billion as part of a broader plan to invest a total of $5 billion in China, Brazil, Mexico and India, which was announced on Tuesday.
The company plans to introduce 10 locally-manufactured Chevrolet range of vehicles in India over the next five years, starting with the Trailblazer sport-utility vehicle in October, Mr. Jacoby said. It aims to double its market share in the country by 2020, he added. GM had a 2% share of India's car market at the end of March.